Israel's Discount Bank Launches Crypto Trading Service
Translated & summarized from Cursorinfo by baba
Discount Bank, a major Israeli financial institution, is launching a new service allowing customers to trade Bitcoin and Ethereum via its mobile app starting November 26. The service integrates tax accounting and uses secure custodial wallets managed by Fireblocks. This move marks a significant shift in the Israeli banking sector's stance on digital assets.
The story in 6 lines · by baba
- Discount Bank will allow customers to buy, sell, and hold Bitcoin and Ethereum via its mobile app.
- The new cryptocurrency service will launch for Israeli customers on November 26.
- The bank will integrate tax accounting, allowing crypto losses to offset stock gains.
- Fireblocks will provide technological support and secure custodial wallet services.
- Customers will receive six months of free account management fees.
- This initiative represents a major shift in Israeli banking's approach to digital assets.
Discount Bank, one of Israel's largest financial institutions, has announced a significant shift in the country's banking sector's approach to digital assets by launching a new service for its customers. Starting November 26, clients will be able to buy, sell, and hold Bitcoin and Ethereum directly through the bank's mobile application. This new offering aims to simplify cryptocurrency transactions for users, eliminating the need for external exchange accounts and the complexities of managing private keys and digital wallets. A key feature of the service is the integration of tax accounting into a unified investment portfolio. The bank will automatically withhold taxes at the source, allowing clients to offset profits and losses from cryptocurrency operations against traditional securities. For instance, a financial loss from selling Bitcoin can be officially deducted from taxable profits earned from stock market trades. The technological infrastructure and secure storage of crypto assets have been entrusted to the international fintech company Fireblocks. All purchased coins will be held in the bank's secure custodial wallets, with no option for users to withdraw them to personal addresses. To attract early adopters, Discount Bank is offering a six-month waiver on account management fees, though specific transaction fees after the promotional period have not yet been disclosed.
